The Swedish Club has set a 7.5% general premium increase for the upcoming policy renewal in February next year.
All 12 International Group of P&I Club members have now announced their general increase targets.
Five clubs — Gard, Steamship Mutual, Skuld, the Shipowners’ Club and NorthStandard — are seeking to raise rates by 5%, with the rest opting for 7.5%.
The Swedish Club said it is taking a “balanced approach” to the renewal that recognises both its members’ needs and the volatile operating environment.
“We are continuing our drive for sustainable growth, with an enhanced focus on quality members and tonnage,” managing director Thomas Nordberg said.
“This strategy has served us well in 2023 and will reinforce our strong platform for future growth and member attraction in what will remain a turbulent world. I am glad to share that our financial resilience in terms of solvency ratio has improved so far this year.”
It also recently expanded its services to members by offering additional cyber insurance cover, which will help shipowners meet new security guidelines from the International Maritime Organization.